Macau Gaming Revenue Rises for First Time in 17 Months
(Bloomberg) -- Macau gaming revenue surged from a year-earlier month that saw casinos shut down for 15 days as Covid-19 began to sweep across the globe. But gaming operators are still seeing a lukewarm recovery as the pandemic continues to make travel difficult for gamblers.
- Gross gaming revenue rose 136% in February to 7.3 billion patacas ($915 million), according to data from the Gaming Inspection & Coordination Bureau. That was worse than the median analyst estimate for a 145% jump.
- Revenue fell 8.9% from the previous month, and is still down 71% from the February 2019 level, before the pandemic hit.
Key Insights
- While the latest result represents the first gain in gaming revenue in 17 months, it was an easy comparison after a record plunge a year earlier as Macau's government suspended casino operations for more than two weeks.
- Macau is still trying to lure mainland China gamblers who are discouraged by a tightened visa application process and virus tests required for crossing the border. The Lunar New Year holiday -- one of the strongest weeks for casinos -- was marred by an outbreak in northern China. Arrivals declined 65% from last year's holiday week as Chinese officials urged citizens to stay home.
- The situation should improve as Macau has gradually been easing quarantine rules on travelers from parts of China that saw winter outbreaks. The rollout of vaccines across Asia may also help the recovery, while the February opening of Sands China Ltd.'s Londoner property could draw in visitors.
Market Performance
- The Bloomberg Intelligence index of Macau casino operators jumped 22% in February amid investor optimism over the sector. The benchmark Hang Seng Index gained 2.5% in the same period. Casino stocks surged the most in three months last Tuesday after the China quarantine rules were lifted.
Get More
- Feb. 24, China Tourism in Macau May Only Reach Pre-Covid Levels in 2H21: Bloomberg Intelligence
- Feb. 23, Macau Casino Operators' Stocks Rally as China Quarantine Lifted
©2021 Bloomberg L.P.
-
Navigating Energy Crossroads: S Jaishankar's Call For Diversified Supply Chains At G20 Ministerial Meeting
As geopolitical fault lines continue to test maritime trade routes and commodity flows, Jaishankar's message remains pertinent: true economic resilience requires open markets, protected transit lines, and a genuine commitment to multilateral cooperation rather than coercion.
-
Indians Are Travelling, But Not Every Journey Is A Holiday | The Week In Whys
Pilgrims, patients and working women are the real travellers, and the system hasn't quite caught up with them.
-
Getting To Work Costs Women More | The Reason Why
It is not just about women paying more than men. It is about women paying much more in cities than in villages.
-
AI Bias In Investing Cannot Be Eliminated, But It Can Be Governed
Framing is a particularly important example as identical financial information presented in terms of gains rather than losses can lead an LLM to reach a different assessment.
-
Joining The Dots | Dark Skies, Steady Diya: Why Hope Holds This Diwali
With war, a weak rupee and foreign outflows weighing on sentiment, policymakers at the NDTV World Summit and market veterans at NDTV Profit Ignite: Diwali Edition offered the same advice: stay invested and filter out the noise.
-
The Curious Case of Equitas Small Finance Bank And A CEO Who Quit For Stock
PN Vasudevan believes persistent investor concerns over a perceived conflict of interest had become a governance overhang on Equitas Small Finance Bank's stock, even as the lender improved profitability and asset quality.
-
Talking Points This Week: AI Cash Burn, A Tiger Comeback And An India That Still Finds Its Own Path
India is not immune to higher oil or tighter global liquidity, yet its earnings base is broader, its domestic policy levers are still available.
-
Foreign Investors Own Half Of HDFC Bank and ICICI Bank. An LTCG Cut Could Matter Most Here
Foreign portfolio investors have US$115 billion parked in HDFC Bank, ICICI Bank. If the government cuts long-term capital gains tax, Jefferies says returning foreign money could land here first.
-
'Never Seen This Level Of Negativity': Sandeep Tandon Says The Next Rally May Be Closer Than You Think
Veteran investor Sandeep Tandon says foreign selling is easing, large-caps are due a comeback and mid-caps are crowded, while he turns positive on gold, power and pharma this Diwali.
-
Indians Stay With Family, Not In Hotels | The Reason Why
India still lacks enough clean, reliable and affordable hotels for budget-conscious travellers.
